Getronics and UBmatrix team for XBRL data delivery
28 June 2006 | 3282 views | 0
Getronics NV and UBmatrix Inc. have recently signed a Letter of Intent to join forces in the XBRL market in the Netherlands, Spain, Portugal and the UK.
XBRL is an international XML-based standard specially developed for making data more portable. XBRL is presently being adopted most rapidly in the area of financial and regulatory reporting. In connection with this, the Dutch government is now actively encouraging and trying to accelerate the use of XBRL for corporate regulatory reporting.
To help achieve its aim, the Dutch government has now launched the Dutch Taxonomy Project. This project, a joint effort by the Dutch Ministry of Finance and Ministry of Justice, will enable companies to more easily submit their financial details electronically to the Tax Office, Chamber of Commerce and Netherlands Central Office for Statistics, using the open standard XBRL. The use of XBRL may reduce the administrative burden for reporting companies by as much as 25%.
As market leader in the Netherlands, Getronics Netherlands division (Getronics PinkRoccade) is helping client organisations to integrate XBRL into their financial systems. Getronics helps ensure that its clients' financial software is XBRL compatible and that the Dutch XBRL taxonomy is fully integrated. It also provides updates to support any new releases of the required software. Getronics has chosen to work with UBmatrix because UBmatrix both has considerable experience with XBRL and also offers the industry’s most complete set of XBRL software solutions, which Getronics can now make available to its clients.
The Dutch government and business sector are presently working together to stimulate the adoption of XBRL. On 9 June 2006, Minister Donner (Justice), Minister Zalm (Finance), Minister Pechthold (Government Reform and Kingdom Relations), State Secretary van Gennip (Economic Affairs) and representatives from business, including Getronics and UBmatrix, signed an accord signifying the commitment of the Dutch government to support XBRL.
Getronics has been asked by the Dutch government to take part in this important project because of Getronics' strong position in a broad variety of markets, including education, local and central government, and finance. Getronics' involvement confirms its position as an applications service provider of choice and enables Getronics to help reduce the administrative burden on the public and private sector.